I was playing a game (King Kong with my nephew) and I kept getting messages popping up saying my video card was over heating. I think the temp went up to about 212F. I touched the card and it actually was so hot it burned my hand (the sensor was right).

Why would it be doing this? Could my PSU not be giving my fans enough power to run full speed (resulting in overheating)?

Are they all pushing out? If that's the case there's not enough cool air getting in to cool the components off. Set the front and side fan to blow into the computer, and the rear fan to blow out. If you have a top fan make that blow out too.